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Extra Space Announces Pricing of $600 Million of 2.350% Senior Notes due 2032

PR Newswire

SALT LAKE CITY, Sept. 13, 2021 /PRNewswire/ — Extra Space Storage Inc. (“Extra Space”) (NYSE: EXR), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, today announced that its operating partnership, Extra Space Storage LP (the “operating partnership”), has priced a public offering of $600 million aggregate principal amount of 2.350% senior notes due 2032 (the “Notes”). The Notes were priced at 99.797% of the principal amount and will mature on March 15, 2032. Wells Fargo Securities, PNC Capital Markets LLC, J.P. Morgan, TD Securities, BMO Capital Markets, BNP PARIBAS, BofA Securities and US Bancorp are acting as the joint book-running managers for the offering. Regions Securities LLC, Truist Securities, BOK Financial Securities, Inc., Citigroup, Fifth Third Securities, Ramirez & Co., Inc. and Zions Direct, Inc. are acting as the co-managers for the offering.  The offering is expected to close on or about September 22, 2021, subject to customary closing conditions.  The Notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries.

The operating partnership intends to use the net proceeds of this offering to fund potential acquisition opportunities, to repay amounts outstanding from time to time under its lines of credit, and for other general corporate and working capital purposes.

The Notes will be issued pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.  This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted. The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which, when available, may be obtained from Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, or by telephone: 1-800-645-3751, or by email: [email protected]; or PNC Capital Markets LLC, 300 Fifth Avenue, Pittsburgh, PA 15222 or by telephone: 1-855-881-0697.  A prospectus supplement related to the offering will also be available free of charge on the SEC’s website at http://www.sec.gov.

About Extra Space Storage Inc.:

Extra Space Storage Inc., headquartered in Salt Lake City, is a self-administered and self-managed real estate investment trust and a member of the S&P 500. As of June 30, 2021, Extra Space owned and/or operated 1,973 self-storage properties, which comprise approximately 1.4 million units and approximately 152.6 million square feet of rentable storage space offering customers conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. Extra Space is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.

Forward-Looking Statements:

Certain information set forth in this release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include statements concerning the terms, timing and completion of the offering of securities by Extra Space and the operating partnership, including the anticipated use of proceeds therefrom.  In some cases, forward-looking statements can be identified by terminology such as “believes,” “estimates,” “expects,” “may,” “will,” “should,” “anticipates,” or “intends,” or the negative of such terms or other comparable terminology, or by discussions of strategy.  All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved.  There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release.  Such risks and uncertainties include without limitation those associated with market risks and uncertainties and the satisfaction of customary closing conditions for an offering of securities, as well as the risks referenced in the “Risk Factors” section included in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.  All forward-looking statements apply only as of the date of this release.  We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

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SOURCE Extra Space Storage Inc.

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Watsco to Present at the Morgan Stanley Virtual Laguna Conference

MIAMI, Sept. 13, 2021 (GLOBE NEWSWIRE) — Watsco, Inc. (NYSE: WSO) announced today that Barry Logan, Executive Vice President, is scheduled to present at the Morgan Stanley 2021 Virtual Laguna Conference on Tuesday, September 14, 2021 at 4:30 p.m. (EDT). Internet users can listen to a live webcast of the presentation at the Investor Relations section of Watsco’s website at http://www.watsco.com.

About Watsco, Inc.

Watsco is the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products with locations in the United States, Canada, Mexico and Puerto Rico, and on an export basis to Latin America and the Caribbean. Watsco estimates that over 350,000 contractors and technicians visit or call one of its 655 locations each year to get information, obtain technical support and buy products.

The Company believes there is long-term opportunity to be a significant participant and contributor in efforts to address climate change. HVAC/R products provide comfort to homes and businesses regardless of the outdoor climate. Older systems often operate below current government-mandated energy efficiency and environmental standards, resulting in higher energy use and costs to homeowners. Sales of higher-efficiency replacement systems have long been a fundamental opportunity in Watsco’s marketplace. Watsco plans to actively collaborate with its OEM partners and key stakeholders to lead these ongoing efforts in its marketplace. Additional information about Watsco may be found at www.watsco.com.

Barry S. Logan

Executive Vice President

(305) 714-4102

e-mail: [email protected]



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Johnson & Johnson Ebola Vaccine Regimen Demonstrated Robust and Durable Immune Response in Adults and Children in Data Published in The Lancet Infectious Diseases

Data show the vaccine regimen induced neutralizing antibody responses in nearly all participating adults and children 21 days after the second dose

Adults receiving booster shots two years after initial vaccination regimen showed strong immune responses

The data support the potential prophylactic use of the Johnson & Johnson Ebola vaccine regimen to protect adults and children

PR Newswire

NEW BRUNSWICK, N.J., Sept. 13, 2021 /PRNewswire/ — Data from two papers published in The LancetInfectious Diseases demonstrated that the Johnson & Johnson (the Company) (NYSE: JNJ) Ebola vaccine regimen, Zabdeno® (Ad26.ZEBOV) and Mvabea® (MVA-BN-Filo), generated robust humoral (antibody) immune responses in adults and children (ages 1-17) with the immune responses persisting in adults for at least two years. The data also showed that booster vaccination with Ad26.ZEBOV, administered to adults two years after the initial vaccination, induced a strong anamnestic (immune) response within seven days. These findings support the potential prophylactic use of the vaccine regimen, which was developed by the Janssen Pharmaceutical Companies of Johnson & Johnson (Janssen) in collaboration with Bavarian Nordic A/S, and was granted Marketing Authorisation by the European Commission in July 2020 and Prequalification from the World Health Organization (WHO) in April 2021.

The data is from the Phase 3 EBOVAC-Salone clinical study and showed that the vaccine regimen was well-tolerated and induced antibody responses to the Zaire ebolavirus species 21 days after the second dose in 98 percent of all participants. There were no safety signals of concern.

“These peer-reviewed data support the prophylactic use of the Johnson & Johnson Ebola vaccine regimen to protect people at risk of Ebola, which is essential to our vision of preventing Ebola outbreaks before they can begin,” said Paul Stoffels, M.D., Vice Chairman of the Executive Committee and Chief Scientific Officer of Johnson & Johnson. “Recent and ongoing outbreaks in Africa underscore that the threat of Ebola is not going away, which is why we collaborated to develop a vaccine regimen capable of inducing long-term immunity against Ebola and are now working to ensure that it is accessible to people in need.”

The EBOVAC-Salone study was conducted in Sierra Leone and is the first to assess the safety and tolerability of the Johnson & Johnson Ebola vaccine regimen in adults in a region affected by the 2014-2016 West African Ebola outbreak, which was the worst on record. It is also the first study evaluating the Johnson & Johnson Ebola vaccine regimen in a randomized, double-blind, controlled trial in a pediatric population.

Phase 3 Study Design (NCT02509494)
This Phase 3 study was designed to gather information on the safety and immunogenicity of the two-dose, heterologous (containing different vaccine components administered at different timepoints) Johnson & Johnson Ebola vaccine regimen. In this regimen, Ad26.ZEBOV was administered intramuscularly as the first dose vaccination followed 56 days later by MVA-BN-Filo as the second dose vaccination.

The study was divided into two stages. In stage one, 43 adults aged 18 years or older were vaccinated to gain information about the safety and immunogenicity of the two-dose vaccine regimen. In stage two, 400 adults and 576 children or adolescents (including 192 in each of the three age cohorts of 1-3, 4-11 and 12-17 years of age) were vaccinated. Consenting adults participating in stage one of the study were administered a booster dose of A26.ZEBOV two years after the first dose.

The study was conducted at three clinics in Kambia District, Sierra Leone. Long term follow-up of the study participants is underway.

Johnson & Johnson’s Commitment to Ebola & Pandemic Preparedness
Johnson & Johnson is one of the few innovative healthcare companies in the world today that is actively advancing science across multiple disease areas with the aim of strengthening public health.

The Company accelerated the development of its Ebola vaccine regimen in 2014 in response to the 2014-2016 outbreak in West Africa, which caused more than 11,000 deaths. In 2019, in response to the second-worst outbreak, which took place 2018-2020 in the Democratic Republic of the Congo (DRC), Johnson & Johnson announced it would provide its Ebola vaccine regimen to assist immunization efforts in the affected region and in neighboring Rwanda through the UMURINZI vaccination campaign. This marked the first widespread deployment of Ebola vaccines in an outbreak setting. The UMURINZI campaign, which is led by the Rwandan Ministry of Health, recently achieved its endpoint of fully vaccinating 200,000 individuals against Ebola.

In May 2021, Johnson & Johnson announced it would donate thousands of Ebola vaccine regimens in support of a WHO early access clinical program launched in response to an outbreak in Guinea and aimed at preventing Ebola in West Africa. The program began by vaccinating health workers, other frontline workers and others at increased risk of exposure to the Ebola virus in Sierra Leone.

In June 2021, Johnson & Johnson welcomed a new recommendation by the Strategic Advisory Group of Experts (SAGE) on Immunization for the WHO that supports the use of the Johnson & Johnson Ebola vaccine regimen both during outbreaks for individuals at some risk of Ebola exposure, and preventively, in the absence of an outbreak, for national and international first responders in neighboring areas or countries where an outbreak might spread. 

To date, more than 250,000 individuals participating in clinical trials and vaccination initiatives have received at least the first dose of the Johnson & Johnson Ebola vaccine regimen, including 200,000 who have been fully vaccinated.

Johnson & Johnson Ebola Vaccine Regimen

The European Commission-approved and World Health Organization-Prequalified Johnson & Johnson preventive Ebola vaccine regimen, Zabdeno® (Ad26.ZEBOV) and Mvabea® (MVA-BN-Filo), utilizes a non-replicating viral vector strategy in which viruses – in this case adenovirus serotype 26 (Ad26) and Modified Vaccinia Virus Ankara (MVA) – are genetically modified so that they cannot replicate in human cells. In addition, these vectors carry the genetic code of several Ebola virus proteins in order to trigger an immune response. The Ebola vaccine regimen was developed and is manufactured using Janssen’s proprietary AdVac® technology.

Johnson & Johnson’s Ebola vaccine regimen originates from a collaborative research program with the NIH and received direct funding and preclinical services from the National Institute of Allergy and Infectious Diseases, part of NIH, under Contract Number HHSN272200800056C. Further funding for the Ebola vaccine regimen has been provided in part with federal funds from the Office of the Assistant Secretary for Preparedness and Response, BARDA under Contract Numbers HHSO100201700013C and HHSO100201500008C.

The IMI provided funding through the IMI Ebola+ Programme to support a number of consortia that initiated multiple clinical trials and other vaccine development activities. The consortia funded by the Innovative Medicines Initiative 2 (IMI2) Joint Undertaking are EBOVAC1 (grant nr. 115854), EBOVAC2 (grant nr. 115861), EBOVAC3 (grant nr. 800176), EBOMAN (grant nr. 115850) and EBODAC (grant nr. 115847). This Joint Undertaking receives support from the EU’s Horizon 2020 Framework Programme for Research and Innovation and the European Federation of Pharmaceutical Industries and Associations (EFPIA).

Johnson & Johnson also acknowledges its many strategic partners in the ongoing global clinical program for the vaccine regimen, including Bavarian Nordic A/S, Centre Muraz, Coalition for Epidemic Preparedness Innovations (CEPI), College of Medicine and Allied Health Sciences (COMAHS, University of Sierra Leone), Democratic Republic of the Congo Ministry of Public Health, Republic of Rwanda Ministry of Health and Rwanda Biomedical Center, Emory University’s Project San Francisco (Kigali) / Center for Family Health Research, Emory University, Epicentre, Grameen Foundation, Inserm, Inserm Transfert, Institut National de Recherce Biomédicale (INRB), London School of Hygiene & Tropical Medicine (LSHTM), Médecins Sans Frontières (MSF), Rinda Ubuzima, Sierra Leone Ministry of Health and Sanitation, Uganda Virus Research Institute (UVRI), Université de Kinshasa (UNIKIN), University of Antwerp, University of Oxford, Walter Reed Army Institute of Research (WRAIR), World Health Organization, World Vision Ireland, Wellcome Trust, Vibalogics, and all the people who have participated in the Ebola vaccine clinical trials.

Learn more at www.JNJ.com/Ebola.

About Johnson & Johnson 
At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest and most broadly-based healthcare company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity. Learn more at www.jnj.com. Follow us at @JNJNews. 

About the Janssen Pharmaceutical Companies of Johnson & Johnson

At Janssen, we’re creating a future where disease is a thing of the past. We’re the Pharmaceutical Companies of Johnson & Johnson, working tirelessly to make that future a reality for patients everywhere by fighting sickness with science, improving access with ingenuity, and healing hopelessness with heart. We focus on areas of medicine where we can make the biggest difference: Cardiovascular & Metabolism, Immunology, Infectious Diseases & Vaccines, Neuroscience, Oncology, and Pulmonary Hypertension.

Janssen Research & Development, LLC is a member of the Janssen Pharmaceutical Companies of Johnson & Johnson.

Learn more at www.janssen.com. Follow us at @JanssenGlobal.



Cautions Concerning Forward-Looking Statements



This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding a program related to the Johnson & Johnson Ebola Vaccine Regimen. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Janssen Pharmaceutical Companies, and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; manufacturing difficulties and delays; competition, including technological advances, new products and patents attained by competitors; challenges to patents; product efficacy or safety concerns resulting in product recalls or regulatory action; changes in behavior and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 3, 2021, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in the company’s most recently filed Quarterly Report on Form 10-Q, and the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. None of the Janssen Pharmaceutical Companies nor Johnson & Johnson undertakes to update any forward-looking statement as a result of new information or future events or developments.

 

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SOURCE Johnson & Johnson

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Wisconsin Power and Light Company Prices Public Offering of Green Bonds

$300 million in green bonds will be due in 2031

MADISON, Wis., Sept. 13, 2021 (GLOBE NEWSWIRE) — Wisconsin Power and Light Company (“WPL”), a wholly owned subsidiary of Alliant Energy Corporation (NASDAQ: LNT), announced the pricing of its public offering of $300 million aggregate principal amount of 1.950% debentures. The debentures will be due on September 16, 2031. An amount equal to or in excess of the net proceeds from this offering will be allocated to disbursements for the construction and development of wind and solar electric generating facilities. The closing of the offering is expected to occur on September 16, 2021, subject to the satisfaction of customary closing conditions.

The offering was marketed through a group of underwriters consisting of Barclays Capital Inc., BofA Securities, Inc., Mizuho Securities USA LLC, and Wells Fargo Securities, LLC, as joint book-running managers, and Comerica Securities, Inc., Siebert Williams Shank & Co., LLC., TD Securities (USA) LLC, and U.S. Bancorp Investments, Inc., as co-managers.

The offering is being made only by means of a prospectus supplement and accompanying prospectus which are part of a shelf registration statement WPL filed with the Securities and Exchange Commission (the “Commission”). Copies may be obtained from Barclays Capital Inc. by calling toll-free at (888) 603-5847, from BofA Securities, Inc. by calling toll-free at 1-800-294-1322, from Mizuho Securities USA LLC by calling toll-free at (866) 271-7403 and from Wells Fargo Securities, LLC by calling toll free at 1-800-645-3751. Electronic copies of these documents will be available from the Commission’s website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Alliant Energy

Alliant Energy Corporation’s Wisconsin utility subsidiary, Wisconsin Power and Light Company (WPL), utilizes the trade name of Alliant Energy (NASDAQ:LNT). The Wisconsin utility is based in Madison, Wisconsin.

Forward-Looking Statements

This press release includes forward-looking statements. These statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to the proposed offering, the anticipated use of proceeds from the sale of the debentures and other risks outlined in WPL’s public filings with the Commission, including WPL’s most recent annual report on Form 10-K. All information provided in this news release speaks as of the date hereof. Except as otherwise required by law, WPL undertakes no obligation to update or revise its forward-looking statements.

Media Hotline: (608) 458-4040

Investor Relations: Zac Fields (319) 786-8146



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DXC Technology Rings NYSE Closing Bell® on Monday, Sept. 13, 2021

DXC Technology Rings NYSE Closing Bell® on Monday, Sept. 13, 2021

TYSONS, Va.–(BUSINESS WIRE)–DXC Technology (NYSE: DXC) President and CEO Mike Salvino and members of the DXC leadership team today rang the New York Stock Exchange Closing Bell® to celebrate DXC’s new brand which stands for delivering excellence for its customers and colleagues.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210913005885/en/

(Photo: Business Wire)

(Photo: Business Wire)

NYSE Closing Bell photo and video

DXC leaders who participated in today’s NYSE Closing Bell (see accompanying photo) are: (Front row, left to right) Bill Deckelman, Executive Vice President and General Counsel; Jim Brady, President, Americas; Brenda Tsai, Executive Vice President and Chief Marketing and Communications Officer; Ken Sharp, Executive Vice President and Chief Financial Officer; Mike Salvino, President and Chief Executive Officer; Mary Finch, Executive Vice President and Chief Human Resources Officer; Vinod Bagal, Executive Vice President, Global Delivery; Jamie Musson, Director Finance-Process and Controls. (Back row, left to right) Tim Weir, Vice President, Global Asset Protection; Mike McDaniel, President, Modern Workplace; Chris Voci, Senior Vice President Finance; Zafar Hasan, Senior Vice President and Global Head of Corporate Legal, Board Secretary; NYSE Closing Bell host; Tom Pettit, President, Americas; John Sweeney, Vice President Investor Relations.

For additional photos and video, go to: https://www.nyse.com/bell/calendar.

About DXC Technology

DXC Technology (NYSE: DXC) helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world’s largest companies and public sector organizations trust DXC to deploy services across the Enterprise Technology Stack to drive new levels of performance, competitiveness, and customer experience. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.

All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent current expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the coronavirus disease 2019 (“COVID-19”) pandemic and the impact of varying private and governmental responses that affect our customers, employees, vendors and the economies and communities where they operate. For a written description of these factors, see the section titled “Risk Factors” in DXC’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021, and any updating information in subsequent SEC filings.

No assurance can be given that any goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events except as required by law.

Source: DXC Technology

Category: Investor Relations

Richard Adamonis, Corporate Media Relations, +1-862-228-3481, [email protected]

John Sweeney, Investor Relations, 1-980-315-3665, [email protected]

KEYWORDS: United States North America New York Virginia

INDUSTRY KEYWORDS: Software Networks Finance Data Management Professional Services Technology Other Technology Security

MEDIA:

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Pentagon and Lockheed Martin Agree to F-35 Sustainment Contracts

Supporting Readiness for the Warfighter While Reducing Costs

PR Newswire

FORT WORTH, Texas, Sept. 13, 2021 /PRNewswire/ — The F-35 Joint Program Office awarded the Lockheed Martin (NYSE: LMT) industry team annualized contracts covering fiscal years 2021-2023 to support operations and sustainment of the global F-35 fleet, supporting mission readiness and further reducing costs.

“These contracts represent more than a 30% reduction in cost per flying hour from the 2020 annualized contract.”

The annual contracts fund critical sustainment activities for aircraft currently in the fleet and build enterprise capacity to support the future fleet of more than 3,000 F-35 aircraft. This includes industry sustainment experts supporting base and depot maintenance, pilot and maintainer training, and sustaining engineering for the U.S. and our allies across the globe. It also covers fleet-wide data analytics and supply chain management for part repair and replenishment to enhance overall supply availability for the fleet.

“Together with the F-35 Joint Program Office, we recognize the critical role the F-35 plays in supporting our customers’ global missions and the need to deliver this capability affordably,” said Bridget Lauderdale, Lockheed Martin vice president and general manager of the F-35 program. “These contracts represent more than a 30% reduction in cost per flying hour from the 2020 annualized contract, and exemplify the trusted partnership and commitment we share to reduce sustainment costs and increase availability for this unrivaled 5th generation weapon system.”

The FY2021-2023 contracts represent a planned next step in further reducing overall operations and support costs for the F-35 program, which are shared between government and industry. Lockheed Martin has reduced our cost per flight hour by 44% in the past five years, with a forecasted reduction of an additional 40% in the next five years. The cost savings in the FY21-23 annualized sustainment contracts support Lockheed Martin’s efforts to realize these goals. The savings will be achieved through improved cost and velocity in our supply chain, continued reliability improvements, and greater manpower efficiencies to provide product support solutions across the growing, global fleet.  We remain committed to partnering with our customers and teammates to drive F-35 sustainment costs down.

The contracts also pave the way for a longer-term, Performance Based Logistics (PBL) agreement for the F-35 program. PBLs are an industry best practice, facilitating agile sustainment solutions for the fleet and incentivizing even further affordability and performance results.

The F-35 Joint Program Office, together with each U.S. service, international operators and the F-35 industry team, leads F-35 sustainment and the Global Support Solution. The 2021 annualized sustainment contract will cover industry sustainment activities through Dec. 31, 2021.

Greater Reliability and Affordability
Program data shows the F-35’s reliability continues to improve as the jet is approximately twice as reliable as fourth generation fighters. It also shows maintenance labor hours needed per flight hour are well within the contractual requirement, while the global fleet is averaging around 70% mission capable rates. Lockheed Martin has significantly lowered its share of cost per flight hour over the last five years, and the broader F-35 team is working across government and industry to achieve greater affordability.

More than 690 aircraft have been delivered and are operating from 21 bases around the globe. More than 1,460 pilots and 11,025 maintainers have been trained and the F-35 fleet has surpassed 430,000 cumulative flight hours.

For additional information, visit www.f35.com.

About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 114,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

Please follow @LMNews on Twitter for the latest announcements and news across the corporation.

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SOURCE Lockheed Martin Aeronautics

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Vornado Announces Pricing of Public Offering of $300 Million 4.45% Series O Cumulative Redeemable Preferred Shares and Calls for Redemption All of its $300 Million 5.70% Series K Cumulative Redeemable Preferred Shares

NEW YORK, Sept. 13, 2021 (GLOBE NEWSWIRE) — VORNADO REALTY TRUST (NYSE: VNO) today announced the pricing of a public offering of $300 million perpetual 4.45% Series O Cumulative Redeemable Preferred Shares, at a price of $25.00 per share, pursuant to an effective registration statement. The offering is expected to close September 22, 2021, subject to customary closing conditions. The Company may redeem the Series O Preferred Shares at a redemption price of $25.00 per share on and after September 22, 2026. BofA Securities, J.P. Morgan, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities are acting as joint book-running managers.

The Company will use the net proceeds for the redemption of its 5.70% Series K Cumulative Redeemable Preferred Shares pursuant to the terms thereof.

The offering is being made under the Company’s shelf registration statement filed with the Securities and Exchange Commission. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. A copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322 or email, [email protected], J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, or by calling (212) 834-4533, Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department, or email [email protected], UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, or by calling toll-free at 1-888-827-7275 and Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, or email [email protected], or by calling toll-free at 1-800-645-3751. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification.

Vornado also announced that it will redeem all of its $300 million 5.70% Series K Cumulative Redeemable Preferred Shares on October 13, 2021, at a redemption price of $25.00 per share plus accrued and unpaid dividends through the date of redemption. Vornado will incur a charge of $9 million in the third quarter of 2021 from the write-off of issuance costs related to the shares being redeemed.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.


CONTACT

Thomas Sanelli

(212) 894-7000

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vornado to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2020. Such factors include, among others, risks associated with the performance of Vornado’s properties and general competitive factors. Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it has had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration of the pandemic, current and future variants, the efficacy and durability of vaccines against the variants and the potential for increased government restrictions, which continue to be uncertain at this time but that impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in “Item 1A. Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2020.



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Grab Reports Second Quarter 2021 Results

Grab Reports Second Quarter 2021 Results

  • Gross Merchandise Value reached an all-time high of $3.9 billion, up 62% year-over-year
  • Adjusted Net Sales reached a new quarterly record of $550 million, increasing 92% year-over-year
  • Revenue grew to $180 million, up 132% year-over-year
  • Deliveries continues to outperform with 68% year-over-year growth in Adjusted Net Sales
  • New report by NielsenIQ finds Grab1 to be the most-often used brand in Indonesia for online food delivery and ride-hailing; OVO2 is the most-often used e-wallet for payments

SINGAPORE & MENLO PARK, Calif.–(BUSINESS WIRE)–
Grab Holdings Inc., Southeast Asia’s leading superapp, today announced financial results for the quarter ended June 30, 2021. The company posted record Gross Merchandise Value and Adjusted Net Sales of $3.9 billion and $550 million respectively. Total revenue was $180 million, up 132% year-over-year (“YoY”). Adjusted EBITDA for Q2 2021 was $(214) million and Net Loss was $(815) million. Grab’s planned business combination with Altimeter Growth Corp. (Nasdaq: AGC), a special purpose acquisition company, continues to progress and is expected to close in the fourth quarter.

“We had a strong quarter with double, and in some cases, triple-digit growth year-over-year across all of our core verticals. This was in spite of a worsening COVID-19 environment, which saw many Southeast Asian countries tightening movement restrictions as cases surged,” said Anthony Tan, Group CEO and Co-founder of Grab. “Our growth is testament to the resilience of our superapp business model and the significant market opportunity in the region. As the platform becomes more relevant to everyday life in Southeast Asia, we’ve seen user spend grow by 27% year over year. At the same time, we’re creating more opportunities for merchants – our GrabFood merchant base has more than doubled, while merchants using GrabPay nearly tripled.”

Peter Oey, Chief Financial Officer of Grab, commented, “We achieved a record quarter in terms of Gross Merchandise Value and Adjusted Net Sales, and continue to experience strong traction in our newer services like GrabMart and PayLater. While the COVID-19 situation on the ground is challenging, our business continues to be resilient, and we are increasing our investments in our superapp ecosystem in anticipation of the market recovery as vaccination rates improve. Our deliveries business continues to outperform and is growing rapidly, with the addition of new offerings such as GrabMart and GrabSupermarket, and we expect to continue investing heavily in this segment.”

Second Quarter 2021 Financial and Operational Highlights

  • Gross Merchandise Value (GMV) grew 62% YoY to reach $3.9 billion, a new record for Grab. Deliveries and mobility demonstrated strong YoY GMV growth of 58% and 93% respectively, in spite of governments tightening movement restrictions on the back of the COVID-19 pandemic.
  • Adjusted Net Sales reached a new all-time high of $550 million, up 92% YoY.
  • Revenue grew 132% YoY to $180 million.
  • Adjusted EBITDA of $(214) million was down by $8 million YoY.
  • Net loss, which includes $608 million in non-cash items for interest accrued on Grab’s convertible redeemable preference shares, stock based compensation, depreciation and amortization, was $(815) million, compared to $(718) million in Q2 2020.
  • Monthly Transacting Users grew 28% YoY, while spend per user, defined as GMV per Monthly Transacting Users (MTU), increased by 27% YoY.
  • Registered GrabFood merchants more than doubled YoY in Q2 2021, compared to Q2 2020, while registered GrabPay merchants nearly tripled.
  • As of June 30, 2021, Grab had cash liquidity of $5.3 billion, an increase of $1.6 billion from $3.7 billion as of December 31, 2020.

($ millions, unless otherwise stated)

Three Months Ended

June 30,

2020-2021

% Change

 

2021

2020

 

(unaudited)

(unaudited)

 

Financial Measures:

 

 

 

Revenue

180

77

132%

Net loss

(815)

(718)

-13%

Total Segment Adjusted EBITDA (Non-IFRS)(i)

(14)

(89)

85%

Adjusted EBITDA (Non-IFRS)(i)

(214)

(206)

-4%

 

 

 

 

Operating Metrics(ii):

 

 

 

GMV

3,878

2,394

62%

MTU (millions of users)

24.7

19.3

28%

GMV per MTU ($)

157

124

27%

Gross Billings

594

313

90%

Adjusted Net Sales

550

286

92%

Notes:

(i)

For a reconciliation to the most directly comparable IFRS measure see the section titled “Unaudited Financial Information and Non-IFRS Financial Measures.”

(ii)

See “Operating Metrics” section herein for an explanation of operating metrics used throughout this release

Deliveries

  • GMV for deliveries grew 58% YoY to $2.1 billion, and represented 53% of total GMV.
  • Adjusted Net Sales for deliveries was $345 million, a 68% increase YoY.
  • Revenue for deliveries was $45 million, up 92% YoY.
  • Deliveries Segment Adjusted EBITDA of $(20) million improved by $16 million YoY.
  • GrabMart, Grab’s everyday goods delivery offering, continues to grow rapidly, with GMV for Q2 2021 up 44% quarter-on-quarter compared to Q1 2021, and close to 5x higher compared to Q2 2020.
  • Grab continues to expand its deliveries network. GrabSupermarket launched in the Philippines in September, offering consumers next-day delivery of a wide array of high-quality, affordably priced fresh produce, sourced directly from reputable farmers and suppliers located across the community. This is Grab’s third online supermarket in the region, following launches in Malaysia and Singapore; Grab plans to launch GrabSupermarket in one more country before the end of the year.
  • Grab also plans to launch 10 new GrabKitchens in the second half of 2021, and is piloting new dine-in solutions such as Scan to Order that allow dine-in users to browse the menu, place their orders and pay through the Grab app.
  • On the merchant side, Grab is focused on helping merchants to run their online businesses more efficiently with the right tools and training. Registered merchants for GrabFood in Q2 2021 more than doubled YoY compared to Q2 2020.

Mobility

  • Grab saw strong growth in mobility in Q2 2021, generating GMV of $685 million, an improvement of 93% compared to Q2 2020.
  • Adjusted Net Sales for mobility grew 122% YoY to $146 million.
  • Mobility Revenue increased 129% YoY to $118 million.
  • Mobility Segment Adjusted EBITDA was $90 million, an increase of $62 million compared to Q2 2020.
  • As of August 2021, vaccination rates for active Grab driver-partners3 in Cambodia, Indonesia, Malaysia, Philippines, Singapore and Vietnam are higher than national vaccination rates4. Approximately 91% and 92% of active driver-partners in Malaysia and Singapore respectively have been vaccinated.
  • Grab expects demand for mobility services to improve in the coming quarters as vaccination rates increase across the region, and continues to support governments in their vaccination efforts.

Financial Services

  • Grab’s financial service segment achieved another record quarter for Total Payments Volume (Pre-InterCo)5 of $2.9 billion, a 66% increase from Q2 2020.
  • Adjusted Net Sales for Financial Services increased 140% YoY to $26 million.
  • Financial services Revenue grew by 156% YoY to $6 million.
  • Financial services Segment Adjusted EBITDA for Q2 2021 was $(85) million, compared to $(74) million in Q2 2020.
  • Loan disbursals achieved an all-time high, with a 4.1x increase YoY, and 43% quarter-on-quarter compared to Q1 2021, with Grab PayLater continuing to gain momentum, especially with e-commerce merchants.
  • Grab’s insurance offerings continued to see strong growth, as gross written premiums more than quadrupled YoY.
  • Registered GrabPay merchants as of Q2 2021 nearly tripled compared to Q2 2020.

Enterprise and New Initiatives

  • GMV for enterprise and new initiatives grew more than 6 times YoY to reach $34 million.
  • Adjusted Net Sales for the segment grew more than 6 times YoY to $33 million.
  • Revenue for the segment was $11 million in Q2 2021.
  • Enterprise and new initiatives Segment Adjusted EBITDA increased by $7 million YoY to $1 million.
  • Off the back of strong growth in deliveries, Grab continues to focus on providing merchants with affordable self-serve advertising solutions through the GrabMerchant superapp, empowering them to reach more users and drive more sales.

As of June 30, 2021, Grab had cash liquidity (including time deposits, marketable securities and restricted cash) of $5.3 billion, an increase of $1.6 billion from $3.7 billion as of December 31, 2020. Total outstanding debt as of June 30, 2021 was $2.1 billion, a $1.9 billion increase from $212 million as of December 31, 2020, primarily due to the closing of the $2.0 billion Term Loan B Facility in January 2021.

New Strategic Partnership and Continued Momentum in Indonesia

In July 2021, Grab announced a strategic alliance with Emtek Group, one of Indonesia’s leading conglomerates with a portfolio of businesses spanning technology, telecommunications, and media. The partnership brings together two of Indonesia’s largest digital ecosystems, and both companies will join forces to accelerate digital transformation for Indonesian micro, small and medium enterprises in Tier 2 and Tier 3 cities while creating more accessible digital offerings for everyday Indonesians.

Grab and Emtek Group will explore potential collaborations across logistics and e-commerce, financial services, telemedicine, advertising and digital media, as well as digital products for traditional kiosks or warungs. As an example, in a new collaboration, Grab will onboard Bukalapak’s6 stores on to GrabMart, providing these merchants with access to new customers.

NielsenIQ’s latest Finance State of Play (conducted in 12 markets globally) report in Indonesia7 found OVO, Grab’s financial services subsidiary in Indonesia controlled through a consolidated joint venture, to be a leading player among mobile wallets in the country in terms of awareness and usage. Among e-wallet users in the survey, 54% chose OVO as the brand they used most often. The report, produced in July 2021, also found that GrabFood was chosen by 48% of the online food delivery users in the survey as the most often used brand, while 45% chose the next competitor. Grab was also seen as an important player in the ride-hailing space being chosen by 63% and 59% as the most often used brand for motorcycle ride-hailing and car ride-hailing respectively by users of these categories.

Full Year 2021 Outlook

While Grab observes encouraging trends in vaccination rates, it remains cautious of the renewed uncertainty of movement restrictions in Southeast Asia related to COVID-19. Among other factors, Grab’s full year 2021 outlook anticipates an extension of partial and complete lockdowns throughout several countries where Grab operates as a result of the continuing spread of COVID-19. Grab is monitoring the impact on its business and currently expects:

  • Group-level Gross Merchandise Values of $15.0 billion – $15.5 billion
  • Group-level Adjusted Net Sales of $2.1 billion – $ 2.2 billion
  • Group-level Adjusted EBITDA8 loss of $(0.9) billion – $(0.7) billion

Investor Webcast

Grab’s senior management team including Anthony Tan, Group CEO and Co-Founder, Ming Maa, President, and Peter Oey, CFO, will host an investor webcast via Zoom to present its second quarter 2021 financial results and business updates.

Call Details:

Date & Time (Singapore): 8:00 a.m., Tuesday, September 14, 2021

Date & Time (U.S. Eastern): 8:00 p.m., Monday, September 13, 2021

Please register at the link below and webcast details will be provided to the email address provided.

Registration Link: https://grab.zoom.us/webinar/register/WN_jqz2hGwfQXiBBLkwR34UtQ

A replay of the webcast will be available at the Company’s investor relations website (www.grab.com/investors)

About Grab

Grab is Southeast Asia’s leading superapp based on GMV in 2020 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor. Grab operates across the deliveries, mobility and digital financial services sectors in over 400 cities in eight countries in the Southeast Asia region – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Grab enables millions of people each day to access its driver- and merchant-partners to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending, insurance, wealth management and telemedicine, all through a single “everyday everything” app. Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone, and since then, the Grab app has been downloaded onto millions of mobile devices. Grab strives to serve a double bottom line: to simultaneously deliver financial performance for its shareholders and a positive social impact in Southeast Asia.

About Altimeter

Altimeter Capital Management, LP is a leading technology-focused investment firm built by founders for founders with over $15 billion in assets under management. Altimeter’s mission is to help visionary entrepreneurs build iconic companies, disrupt markets and improve lives through all stages of growth. Altimeter manages a variety of venture and public funds and serves as an expert long-term partner to companies as they enter the public markets.

Forward-Looking Statements

This document and the announced investor webcast may include “forward-looking statements” within the meaning of the federal securities laws with respect to the proposed transaction between Grab Holdings Inc. (“Grab”), Grab Holdings Limited (“GHL”) and AGC and regarding Grab’s future business expectations which involve risks and uncertainties. All statements other than statements of historical fact contained in this document and the investor webcast, including, but not limited to, statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of Grab, market size and growth opportunities, competitive position, technological and market trends and the potential benefits and expectations related to the terms and timing of the proposed transactions, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” or other similar expressions. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of AGC and Grab, which are all subject to change due to various factors including, without limitation, changes in general economic conditions as a result of COVID-19. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this document, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements contained in this document and the investor webcast are subject to a number of factors, risks and uncertainties, some of which are not currently known to Grab or AGC. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of GHL’s registration statement on Form F-4, the proxy statement/ prospectus therein, AGC’s Quarterly Report on Form 10-Q and other documents filed by GHL or AGC from time to time with the U.S. Securities and Exchange Commission (the “SEC”).

These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that neither AGC nor Grab presently know, or that AGC or Grab currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect AGC’s and Grab’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or AGC’s or Grab’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

Forward-looking statements speak only as of the date they are made. AGC and Grab anticipate that subsequent events and developments may cause their assessments to change. However, while GHL, AGC and Grab may elect to update these forward-looking statements at some point in the future, GHL, AGC and Grab specifically disclaim any obligation to do so, except as required by law. The inclusion of any statement in this document or the investor webcast does not constitute an admission by Grab nor AGC or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing AGC’s or Grab’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Unaudited Financial Information and Non-IFRS Financial Measures

Grab’s unaudited selected financial data for the three months ended June 30, 2021 and 2020 included in this document and the investor webcast is based on financial data derived from the Grab’s management accounts that have not been reviewed or audited and are subject to further review and updates.

This document and the investor webcast also include references to non-IFRS financial measures, which include: Adjusted EBITDA, Total Segment Adjusted EBITDA and Segment Adjusted EBITDA. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation from, or as an alternative to, financial measures determined in accordance with IFRS. In addition, these non-IFRS financial measures may differ from non-IFRS financial measures with comparable names used by other companies.

Grab uses these non-IFRS financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and Grab’s management believes that these non-IFRS financial measures provide meaningful supplemental information regarding the its performance by excluding certain items that may not be indicative of its recurring core business operating results. For example, Grab’s management uses: Total Segment Adjusted EBITDA as a useful indicator of the economics of Grab’s business segments, as it does not include regional corporate costs.

There are a number of limitations related to the use of non-IFRS financial measures. In light of these limitations, we provide specific information regarding the IFRS amounts excluded from these non-IFRS financial measures and evaluating these non-IFRS financial measures together with their relevant financial measures in accordance with IFRS.

This document and the investor webcast also includes “Pre-InterCo” data that does not reflect elimination of intragroup transactions, which means such data includes earnings and other amounts from transactions between entities within the Grab group that are eliminated upon consolidation. Such data differs materially from the corresponding figures post-elimination of intra-group transactions.

Explanation of non-IFRS financial measures:

  • Segment Adjusted EBITDA is a non-IFRS financial measure, representing the Adjusted EBITDA of each of our four business segments, excluding, in each case, regional corporate costs.
  • Adjusted EBITDA is a non-IFRS financial measure calculated as net loss adjusted to exclude: (i) interest income (expenses), (ii) other income (expenses), (iii) income tax expenses, (iv) depreciation and amortization, (v) stock-based compensation expenses, (vi) costs related to mergers and acquisitions, (vii) unrealized foreign exchange gain (loss), (viii) impairment losses on goodwill and non-financial assets, (ix) fair value changes on investments, (x) restructuring costs and (xi) legal, tax and regulatory settlement provisions.

Reconciliation of non-IFRS financial measures:

The following table presents reconciliations of Adjusted EBITDA to the most directly comparable IFRS financial measure for each of the periods indicated.

 

Q2 21

Q2 20

$B

 

 

Loss for the period

(0.8)

(0.7)

Reconciling items:

 

 

Interest expense from RCPS

0.4

0.3

Depreciation and amortization expense

0.1

0.1

Others

0.1

0.1

Adjusted EBITDA

(0.2)

(0.2)

Operating Metrics

Gross Merchandise Value (GMV) is an operating metric representing the sum of the total dollar value of transactions from Grab’s services, including any applicable taxes, tips, tolls and fees, over the period of measurement. GMV is a metric by which Grab evaluates and manages its business, and Grab’s management believes is necessary for investors to understand and evaluate its business. GMV provides useful information to investors as it represents the amount of a consumer’s spend that is being directed through Grab’s platform. This metric enables Grab and investors to evaluate and compare the total amount of customer spending that is being directed through its platform over a period of time. Grab presents GMV as a metric to compare, and to enable investors to compare, Grab’s aggregate operating results, which captures significant trends in its business over time.

Monthly Transacting User (MTU) is defined as the monthly transacting users, which is an operating metric defined as the monthly number of unique users who transact via Grab’s products, where transact means to have successfully paid for any of Grab’s products. MTU is a metric by which Grab evaluates and manages its business, and Grab’s management believes is necessary for investors to understand and evaluate its business.

Gross Billings is an operating metric, representing the total dollar value attributable to Grab from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or consumers, over the period of measurement. Gross Billings is a metric by which Grab evaluates and manages its business, and Grab’s management believes is necessary for investors to understand and evaluate its business. This metric enables Grab and investors to evaluate and compare the total dollar value of commissions and fees charged by Grab over a period of time. Grab presents Gross Billings as a metric to compare, and to enable investors to compare, its aggregate operating results, which captures significant trends in its business over time.

Adjusted Net Sales is an operating metric defined as Gross Billings less driver- and merchant- partner base incentives, over the period of measurement. Base incentives refer to the amount of incentives paid to driver- and merchant-partners up to the amount of commissions and fees earned by Grab from those driver- and merchant-partners. Adjusted Net Sales is a measure by which Grab evaluates and manages its business, and Grab’s management believes is necessary for investors to understand and evaluate its business. Grab presents Adjusted Net Sales as a metric to compare, and to enable investors to compare, its aggregate operating results in the absence of excess incentives, which are intended to be temporary drivers of growth, and which Grab plans to reduce in the future. Grab’s management believes Adjusted Net Sales captures significant trends in its business over time.

Industry and Market Data

This document also contains information, estimates and other statistical data derived from third party sources, including research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided by customers and/or industry or general publications. Such information involves a number of assumptions and limitations, and you are cautioned not to give undue weight on such estimates. Grab and AGC have not independently verified such third-party information, and make no representation as to the accuracy of such third-party information.

Important Information About the Proposed Transactions and Where to Find It

This document and the investor webcast refer to a proposed transaction between Grab and AGC. Nothing in this document or the investor webcast will constitute an offer to sell or exchange, or the solicitation of an offer to sell, subscribe for, buy or exchange any securities or solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed transactions will be submitted to shareholders of AGC for their consideration.

In connection with the business combination, GHL has filed a registration statement on Form F-4 (the “Registration Statement”) with the SEC that includes a preliminary proxy statement of AGC to be distributed to AGC’s shareholders in connection with AGC’s solicitation for proxies for the vote by AGC’s shareholders in connection with the proposed transactions and other matters as described in the Registration Statement, as well as the preliminary prospectus of GHL relating to the offer of the securities to be issued in connection with the completion of the proposed business combination. AGC and GHL also will file other documents regarding the proposed transaction with the SEC.

After the Registration Statement is declared effective, AGC will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed transactions. This document or the investor webcast is not a substitute for the Registration Statement, the definitive proxy statement/prospectus or any other document that AGC will send to its shareholders in connection with the business combination. AGC’s shareholders and other interested persons are advised to read the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, in connection with AGC’s solicitation of proxies for its extraordinary general meeting of shareholders to be held to approve, among other things, the proposed transactions, because these documents will contain important information about AGC, GHL, Grab and the proposed transactions. Shareholders and investors may also obtain a copy of the preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the proposed transactions and other documents filed with the SEC by AGC, without charge, at the SEC’s website located at www.sec.gov or by directing a written request to AGC’s proxy solicitor, Okapi Partners LLC, by emailing [email protected] or mailing Okapi Partners LLC, 1212 Avenue of the Americas, 24th Floor, New York, NY 10036. The information contained on, or that may be accessed through, the websites referenced in this document and during the investor webcast is not incorporated by reference into, and is not a part of, this document.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation

AGC, GHL and Grab and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from AGC’s shareholders in connection with the proposed transactions. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AGC’s shareholders in connection with the proposed transactions and a description of their direct and indirect interests in such transactions is set forth in the proxy statement/prospectus contained in the Registration Statement. You can find more information about AGC’s directors and executive officers in AGC’s final prospectus filed with the SEC on September 30, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests is included in the proxy statement/prospectus contained in the Registration Statement. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus contained in the Registration Statement carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation

This document is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell, subscribe for or buy any securities or solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

1 Grab claim based on research conducted by NielsenIQ, 17 June – 10 July, 2021, 1129 Indonesians.

2 Grab’s financial services subsidiary in Indonesia controlled through a consolidated joint venture

3 Vaccination rate includes both partially and fully vaccinated population. Grab figures based on Grab estimates.

4 Vaccination rates for active Grab driver-partners in Thailand are in line with national vaccination rates. Data not available in Myanmar.

5 Total Payments Volume (TPV) is defined as the value of payments, net of payment reversals, successfully completed through the Grab platform for the financial services segment. Pre-InterCo means this segment data includes earnings and other amounts from transactions between entities within the Grab group that are eliminated upon consolidation.

6 An Indonesian e-commerce company

7 The NielsenIQ Information provided in this earnings release is from a survey conducted by The Nielsen Company (Malaysia) Sdn Bhd (“NielsenIQ”), which was purchased by Grab. NielsenIQ Information reflects estimates of market conditions based on samples and is prepared primarily as a marketing research tool for consumer services industry. NielsenIQ Information is not a substitute for financial, investment, legal or other professional advice and should not independently be viewed as a basis for any investment decision without consideration of the other information contained in this proxy statement/prospectus including under the heading “Risk Factors.” References to NielsenIQ should not be considered as NielsenIQ’s opinion as to the value of any security or the advisability of investing in any company, product or industry.

8 In regards to forward looking non-IFRS guidance, Grab is unable to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because Grab is unable to predict the ultimate outcome of certain significant items. These items may include, but are not limited to, fair value changes on investments, tax and regulatory reserve changes, acquisition and financing related impacts.

 

For inquiries regarding Grab:

Media

Grab: [email protected]

Sard Verbinnen & Co: [email protected]

Investors

Grab: [email protected]

Blueshirt Group: [email protected]

For inquiries regarding Altimeter, please contact:

[email protected]

[email protected]

KEYWORDS: North America United States Asia Pacific Indonesia Singapore California

INDUSTRY KEYWORDS: Data Management Technology Other Technology Mobile/Wireless Software Internet

MEDIA:

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RE/MAX Commercial Symposium Explores “New Normal” of Industry Trends

Industry experts, innovators and veterans examine evolution of commercial real estate during two-day conference September 12-13

PR Newswire

DENVER, Sept. 13, 2021 /PRNewswire/ — Today, RE/MAX Commercial® concluded its two-day Commercial Symposium for affiliated commercial real estate practitioners. Held at the Denver Marriott South Park Meadows in Lone Tree, Colorado, this premier event was open to the entire RE/MAX network and provided ideas, information and strategies to RE/MAX commercial practitioners as they navigate the “new normal” of commercial real estate.   

The 14th annual event offered a lineup of industry experts, innovators and veterans discussing the evolution of the commercial real estate market and provided an opportunity for those in the industry to network with each other as well as nationally recognized speakers to discuss business growth strategies. 

Rick Sharga, economist and Executive Vice President of RealtyTrac, helped open the event with an industry update and overview. Evaluating the current state of the industry and offering insights on where commercial real estate may be headed, Sharga noted commercial real estate across many property sectors and segments is coming back strong after a pandemic-related dip.

“From a commercial standpoint, the economic recovery has outpaced expectations,” says Sharga. “It’s possible that all 22 million jobs lost in the recession will be recovered by 2022, which is phenomenal, but recovery varies by market sector and the service industry is lagging behind, threatening Retail and Hotel sectors. There are a lot of opportunities in this market, with Industrial and Multifamily sectors the clear post-pandemic winners.”

Steve Weikal, Head of Industry Relations at MIT’s Center for Real Estate, was the conference’s keynote speaker. Weikal took an in-depth look at the ongoing evolution of technology within commercial real estate and offered insight on the emerging trends that will change the “rules of engagement” within the industry. Weikal pointed out that real estate is getting smarter through artificial intelligence data, machine-learning and augmented reality, but that evolving technology cannot replace the role of the real estate agent.

“There may be a forthcoming disruption in the commercial real estate space with the continued advancement of technology, but those advancements are not a replacement for human engagement,” says Weikal. “There’s always going to be a need for personal interaction in a real estate transaction. Licensed brokers have unique knowledge and can provide the reassurance and answer questions for clients that technology tools simply cannot replicate.”

Other featured speakers and topics included:  

  • Greg Diodati, Broker Associate at RE/MAX Gold Commercial, Randy Olivier, Commercial Broker at RE/MAX Advantage, and John Hamner, Broker/Owner of RE/MAX Excalibur. These industry veterans and Certified Commercial Investment Member (CCIM) designees discussed best practices in the evolving and ever-changing world of commercial brokerages.
  • Patricia Cain, Owner of RE/MAX Ascend Realty, Doug Jennings, Employing Broker of RE/MAX Commercial Alliance and Mark Hulsey, Managing Broker of RE/MAX Results Commercial Group, discussed the benefits of adding and growing the commercial presence within an existing franchise.
  • Tom Rossiter, President and CEO of RESAAS, offered a comprehensive roadmap for effectively leveraging in-network referrals.
  • Insider insights, exploring what it takes to build a successful commercial business, were provided by a panel of experts including RE/MAX Commercial Capital Broker/Owner Scott Hughes, RE/MAX Results Commercial Group Managing Broker Mark Hulsey, MIT Center for Real Estate Head of Industry Relations Steve Weikal, and RE/MAX Right Choice Broker/Owner Jeff Wright.

In 2020, over 8,000 RE/MAX Associates closed more than 39,000 commercial transactions in over 90 countries with a total sales volume of $11.6 billion. Today, there are over 30 commercial franchises and nearly 650 Commercial Divisions in the RE/MAX network.  

“Our role at RE/MAX Commercial is to make sure our affiliates are up-to-date on the latest technologies and industry trends,” says Mike Reagan, RE/MAX Senior Vice President, Industry Relations and Global Growth & Development and leader of the RE/MAX Commercial global network. “Our RE/MAX brokers see the value of having a commercial division in their office to keep referrals in-house, expand their footprint in their local communities and be seen as leading real estate industry experts across both residential and commercial sectors in their networks.”

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About the RE/MAX Network 
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with nearly 140,000 agents in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com. 

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EVI Industries Sets Records for Revenue, Gross Profit and Net Income

EVI Industries Sets Records for Revenue, Gross Profit and Net Income

MIAMI–(BUSINESS WIRE)–
EVI Industries, Inc. (NYSE American: EVI) reported record fiscal fourth quarter and fiscal year ended June 30, 2021 operating results, establishing new fiscal fourth quarter records for gross profit and net income and fiscal year records for revenue, gross profit and net income, which includes a gain on the forgiveness of debt in connection with the forgiveness of PPP Loans.

Earnings Conference Call

The Company has provided a pre-recorded earnings conference call including a business update, which can be accessed in the “Investors” section of the Company’s website at www.evi-ind.com or by visiting https://ir.evi-ind.com/message-from-the-ceo.

Highlights to EVI’s Financial Results

Fourth Quarter Results

  • Revenue increased 19% to $65 million,
  • Gross profit increased 22% to a record $16.4 million,
  • Gross margin increased 70 basis points to 25%,
  • Net income increased to $6.8 million from a net loss of $0.1 million, and
  • Adjusted EBITDA increased 49% from $1.9 million to $2.9 million, or approximately 4.5% of revenue.

Fiscal Year Results

  • Revenue increased 3% to a record $242 million,
  • Gross profit increased 8% to a record $60 million,
  • Gross margin increased 130 basis points to 25%,
  • Net income increased 982% from $0.8 million to $8.4 million, and
  • Adjusted EBITDA increased 21% from $8.8 million to $10.6 million, and

Henry M. Nahmad, EVI’s Chairman and CEO commented: “Strong fourth quarter results reflect a steady recovery across certain of our end customer categories resulting in a significant increase in demand for the commercial laundry products and service solutions we provide. Amid the recovery and increased demand, we are actively managing through supply chain disruptions and labor shortages causing delays in product lead times, pricing volatility, cost increases, and other adverse conditions. Ultimately, we believe we are a stronger company today than at any time in the past and consequently are better positioned to execute on our long-term growth objectives.”

Balance Sheet Strength

At the completion of fiscal 2021, the Company had net debt of less than $6 million, which represents a 68% decrease in net debt as compared to the end of fiscal 2020. The significant decrease in net debt includes two consecutive fiscal years of strong cash flows and forgiveness of the PPP Loans received under the Cares Act, offset in part by the Company’s deployment of cash in connection with multiple acquisitions and costs associated with the Company’s optimization initiatives, including one-time costs related to ongoing implementation of new technologies.

Mr. Nahmad commented: “Given the health and strength of our balance sheet, including a significant amount of liquidity and other available resources, we are well-positioned to deploy cash in connection with attractive buy and build opportunities we are actively pursuing.”

Continued Completion of Acquisitions

During fiscal 2021, the Company successfully acquired two businesses, Yankee Equipment Systems and Eastern Laundry Systems, both of which are New England based commercial laundry distributors and service providers. In adding these businesses, the Company strengthened its existing Northeast operations, and the Company gained an influential, young, dynamic, and entrepreneurial leader with an exceptional team. Additionally, the acquisitions the Company made just before the onset of COVID-19 in the third quarter of fiscal 2020 have exceeded management’s expectations in terms of market share growth and operating performance.

Record Revenues

Despite the continued adverse impact of the COVID-19 pandemic and extended key supplier lead times, the Company capitalized on a significant increase in customer demand for the commercial laundry product and service solutions it provides. Consequently, revenue for the fourth quarter of fiscal 2021 increased to $65 million, a 19% increase compared to the fourth quarter of fiscal 2020, and revenue for fiscal 2021 increased 3% compared to fiscal 2020 to a record $242 million.

Record Gross Profit and Increased Gross Margins

The Company improved gross margin despite numerous cost increases and pricing volatility. Gross margin for the fourth quarter of fiscal 2021 increased to approximately twenty-five percent (25%), an increase of seventy (70) basis points compared to the fourth quarter of fiscal 2020. Gross margin for fiscal year 2021 increased to twenty-five percent (25%), an increase of one hundred thirty (130) basis points compared to fiscal 2020. It should also be noted that the improvements to gross margins are notwithstanding the impact of longer-term contracts with certain customers in connection with complex laundries which lowered gross margins above by 120-basis points during fiscal 2021 and 80-basis points during fiscal 2020.

Mr. Nahmad commented: “Managing through this period was and continues to be a difficult challenge, but also one that provides an opportunity to improve pricing, gross margin, and contribution margins. Our focus was to leverage the positive pricing environment to protect and strengthen our gross margins and to do so while further enhancing our customer value proposition. To that end, we evaluated historical transaction data and other metrics and based on our findings, we implemented a performance management system, updated sales incentives, and increasingly utilized our new technologies to better track our performance.”

Pursuit of Growth and Operational Optimization

As previously communicated, the Company continued to execute on its growth strategy while pursuing an aggressive optimization initiative through an extensive modernization agenda under a thoughtful and measured approach that seeks to limit disruption and mitigate risks to the Company.

Mr. Nahmad commented: “While we are a long-term growth focused company, balancing growth with health was ever more critical amid the challenging times we faced during this fiscal year. Through these times though, the operations of certain of our businesses were consolidated, modernized, and therefore optimized and these businesses achieved a low double digit EBITDA margin during fiscal 2021. This achievement is evidence that the optimization initiatives across our consolidated Company are effective at achieving our targeted operating results and when combined with continued acquisition growth, we will achieve our long-term growth objectives.”

For additional information regarding the Company’s results for the fourth quarter and fiscal year ended June 30, 2021, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021, filed with the Securities and Exchange Commission on or about the date hereof.

Use of Non-GAAP Financial Information

In this press release, EVI discloses the non-GAAP financial measure of Adjusted EBITDA, which EVI defines as earnings before interest, taxes, depreciation, amortization, and amortization of share-based compensation. Adjusted EBITDA is determined by adding interest expense, income taxes, depreciation, amortization, and amortization of share-based compensation to net income, as shown in the attached statement of Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Share-based Compensation. EVI considers Adjusted EBITDA to be an important indicator of its operating performance. Adjusted EBITDA is also used by companies, lenders, investors and others because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels and credit ratings, and the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. Adjusted EBITDA should not be considered as an alternative to net income or any other measure of financial performance or liquidity, including cash flow, derived in accordance with GAAP, or to any other method of analyzing EVI’s results as reported under GAAP. In addition, EVI’s definition of Adjusted EBITDA may not be comparable to definitions of Adjusted EBITDA or other similarly titled measures used by other companies.

About EVI Industries

EVI Industries, Inc., through its wholly owned subsidiaries, is a value-added distributor and a provider of advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services. The Company’s customers include retail, commercial, industrial, institutional, and government customers. Purchases made by customers range from parts and accessories to single or multiple units of equipment, to large complex systems as well as installation, maintenance, and repair services.

Safe Harbor Statement

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements may relate to, among other things, events, conditions, and trends that may affect the future plans, operations, business, strategies, operating results, financial position and prospects of the Company. Forward looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results, trends, performance or achievements of the Company, or industry trends and results, to differ materially from the future results, trends, performance or achievements expressed or implied by such forward looking statements. These risks and uncertainties include, among others, those associated with: general economic and business conditions in the United States and other countries where the Company operates or where the Company’s customers and suppliers are located; industry conditions and trends; risks relating to the COVID-19 pandemic and the rapidly changing effects thereof and developments with respect thereto, including the impact of the COVID-19 pandemic on the Company and its business, financial condition, liquidity and results, which in large part will depend on future developments and are highly uncertain and beyond the Company’s control, the length and severity of the COVID-19 pandemic and the pace of recovery following the COVID-19 pandemic, the emergence and spread of the Delta variant, the success of actions taken or which may be taken by the Company in response to the COVID-19 pandemic, volatility in the economy, including in the credit markets, supply chain disruptions, reduced demand for products and services, delays in the fulfillment of orders, business restrictions, worker absenteeism, quarantines and other health-related restrictions, governmental and agency orders, mandates and guidance in response to the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s suppliers and customers, including those operating in certain industries (including the hospitality industry), the impact of the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), including its impact on the Company’s income taxes, the potential impairment of goodwill or other intangible assets; and risks related to potential audits of the loans received by the Company and certain of its subsidiaries under the Payroll Protection Program (the “PPP”) established under the CARES Act notwithstanding the forgiveness of the loans during the fourth quarter of fiscal 2021; the Company’s ability to implement its business and growth strategies and plans, including changes thereto; risks and uncertainties associated with the Company’s ”buy-and-build” growth strategy, including, without limitation, that the Company may not be successful in identifying or consummating acquisitions or other strategic opportunities, integration risks, risks related to indebtedness incurred by the Company in connection with the financing of acquisitions, dilution experienced by the Company’s existing stockholders as a result of the issuance of shares of the Company’s common stock in connection with acquisitions, risks related to the business, operations and prospects of acquired businesses, risks that suppliers of the acquired business may not consent to the transaction or otherwise continue its relationship with the acquired business following the transaction and the impact that the loss of any such supplier may have on the results of the Company and the acquired business, risks that the Company’s goals or expectations with respect to acquisitions and other strategic transactions may not be met, and risks related to the accounting for acquisitions, including that preliminary valuations are subject to change and any such change may impact the Company’s results (including in the event of any change which results in an adjustment to the bargain purchase gain recognized by the Company in connection with its acquisition of Baystate Business Ventures (d/b/a Eastern Laundry Systems) during January 2021); risks related to supply chain delays and disruptions and the impact it may have on the Company’s business; risks relating to the impact of pricing concessions and other measures which the Company may take from time to time in connection with its expansion and pursuit of market share growth, including that they may not be successful and may adversely impact the Company’s gross margin and other financial results; technology changes; competition, including the Company’s ability to compete effectively and the impact that competition may have on the Company and its results, including the prices which the Company may charge for its products and services and on the Company’s profit margins, and competition for qualified employees; to the extent applicable, risks relating to the Company’s ability to enter into and compete effectively in new industries, as well as risks and trends related to those industries and the costs and timing of the Company’s efforts with respect thereto; risks relating to the Company’s relationships with its principal suppliers and customers, including the impact of the loss of any such relationship; risks that equipment sales may not result in the ancillary benefits anticipated, including that they may not lead to increases in higher gross margin sales of parts, accessories, supplies, and technical services related to the equipment, and the risk that the benefit of lower gross margin equipment sales under longer-term contracts will not outweigh the possible short-term impact to gross margin; risks related to the Company’s indebtedness; the availability, terms and deployment of debt and equity capital if needed for expansion or otherwise; changes in, or the failure to comply with, government regulation, including environmental regulations; litigation risks, including the costs of defending litigation and the impact of any adverse ruling; the availability and cost of inventory purchased by the Company; the relative value of the United States dollar to currencies in the countries in which the Company’s customers, suppliers and competitors are located; risks relating to the recognition of revenue, including the amount and timing thereof (including potential delays resulting from delays in installation or in receiving required supplies) and that orders in the Company’s backlog may not be fulfilled as or when expected; risks related to the adoption of new accounting standards and the impact it may have on the Company’s financial statements and results; risks that EVI’s decentralized operating model, and that product, end-user and geographic diversity, may not result in the benefits anticipated and may change over time; risks related to organic growth initiatives and market share and other growth strategies, including that they may not result in the benefits anticipated; risks that investments, initiatives and expenses, including, without limitation, investments in acquired businesses and modernization initiatives, expenses associated with the Company’s implementation of its ERP system, and other investments, initiatives and expenses, may not result in the benefits anticipated; ; and other economic, competitive, governmental, technological and other risks and factors discussed elsewhere in this Report, including, without limitation, in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. Many of these risks and factors are beyond the Company’s control. Further, past performance and perceived trends may not be indicative of future results, including, without limitation, in light of the impact of, and uncertainties associated with, the COVID-19 pandemic. The Company cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. The Company does not undertake to, and specifically disclaims any obligation to, update, revise or supplement any forward-looking statement, whether as a result of changes in circumstances, new information, subsequent events or otherwise, except as may be required by law.

EVI Industries, Inc.

 

 

 

 

Condensed Consolidated Results of Operations (in thousands, except per share data)

 

 

 

 

 

Unaudited

Unaudited

 

12-Months

Ended

12-Months

Ended

3-Months

Ended

3-Months

Ended

06/30/21

06/30/20

06/30/21

06/30/20

 

 

Revenues

$ 242,005

$ 235,802

$ 64,549

$ 54,423

Cost of Sales

182,165

180,595

48,176

40,955

Gross Profit

59,840

55,207

16,373

13,468

SG&A

59,594

52,427

15,264

13,125

Operating Income

3,246

2,780

1,109

343

Debt forgiveness

6,963

–

6,963

–

Interest and Other (Expense) Income, net

(321)

(1,432)

(199)

(234)

Income before Income Taxes

9,888

1,348

7,873

109

Provision for Income Taxes

1,504

573

1,093

165

Net Income (Loss)

$ 8,384

$ 775

$ 6,780

$ (56)

 

 

Net Income per Share

 

 

Basic

$ 0.63

$ 0.06

$ 0.50

$ (0.01)

Diluted

$ 0.61

$ 0.06

$ 0.49

$ (0.01)

 

 

 

Weighted Average Shares Outstanding

 

 

 

Basic

12,142

11,841

12,264

11,921

Diluted

12,578

12,171

12,677

11,921

 

 

 

 

 

EVI Industries, Inc.

 

 

Condensed Consolidated Balance Sheets (in thousands, except per share data)

06/30/21

06/30/20

 

 

 

Assets

Current assets

 

 

Cash and cash equivalents

$ 6,057

$ 9,789

Accounts receivable, net

28,904

23,042

Inventories, net

25,129

24,063

Vendor deposits

367

1,276

Contract assets

347

3,443

Other current assets

4,419

3,041

Total current assets

65,223

64,654

Equipment and improvements, net

10,594

7,992

Operating lease assets

7,060

5,311

Intangible assets, net

23,677

21,754

Goodwill

63,881

56,678

Other assets

7,415

4,329

Total assets

$ 177,850

$ 160,718

 

 

 

Liabilities and Shareholders’ Equity

 

 

Current liabilities

 

 

Accounts payable and accrued expenses

$ 26,227

$ 24,292

Accrued employee expenses

7,528

4,764

Customer deposits

10,344

8,511

Contract liabilities

3,232

558

Current portion of long-term debt

–

2,680

Current portion of operating lease liabilities

2,131

1,672

Total current liabilities

49,462

42,477

Deferred tax liabilities, net

4,208

1,728

Long-term operating lease liabilities

5,567

3,657

Long-term debt, net

11,873

25,030

Total liabilities

71,110

72,892

 

 

 

Shareholders’ equity

 

 

Preferred stock, $1.00 par value

–

–

Common stock, $.025 par value

310

301

Additional paid-in capital

90,501

79,127

Retained earnings

18,794

10,410

Treasury stock

(2,865)

(2,012)

Total shareholders’ equity

106,740

87,826

Total liabilities and shareholders’ equity

$ 177,850

$ 160,718

 

 

 


EVI Industries, Inc.

 

 

Condensed Consolidated Statements of Cash Flows (in thousands)

For the twelve months ended

 

06/30/21

06/30/20

Operating activities:

Net income

$ 8,384

$ 775

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Depreciation and amortization

4,596

3,696

Amortization of debt discount

55

55

Provision for bad debt expense

326

497

Non-cash lease expense

55

18

Share-based compensation

2,437

2,302

Inventory reserve

116

49

Provision (benefit) for deferred income taxes

1,593

(178)

Debt forgiveness

(6,963)

–

Other

(230)

(109)

(Increase) decrease in operating assets:

 

 

Accounts receivable

(4,481)

8,121

Inventories

665

3,969

Vendor deposits

909

(873)

Contract assets

3,096

(956)

Other assets

(2,191)

(356)

Increase (decrease) in operating liabilities:

 

 

Accounts payable and accrued expenses

(798)

5,568

Accrued employee expenses

2,200

(474)

Customer deposits

1,251

1,258

Contract liabilities

2,674

(296)

Net cash provided by operating activities

13,694

23,066

 

 

 

Investing activities:

 

 

Capital expenditures

(2,824)

(3,375)

Cash paid for acquisitions; net of cash acquired

(4,818)

(1,379)

Net cash used by investing activities

(7,642)

(4,754)

 

 

 

Financing activities:

 

 

Proceeds from borrowings

53,500

24,892

Debt repayments

(62,500)

(37,930)

Repurchases of common stock in satisfaction of employee tax withholding obligations

(853)

(573)

Issuances of common stock under employee stock purchase plan

69

50

Net cash used by financing activities

(9,784)

(13,561)

Net (decrease) increase in cash and cash equivalents

(3,732)

4,751

Cash and cash equivalents at beginning of period

9,789

5,038

Cash and cash equivalents at end of period

$ 6,057

$ 9,789


EVI Industries, Inc.

 

 

Condensed Consolidated Statements of Cash Flows (in thousands)

 

For the twelve months ended

 

06/30/21

06/30/20

Supplemental disclosures of cash flow information:

 

 

Cash paid during the period for interest

$ 511

$ 1,475

Cash paid during the period for income taxes

$ 505

$ 345

 

 

 

Supplemental disclosure of non-cash financing activities

 

 

Common stock issued for acquisitions

$ 8,877

$ 3,770

Forgiveness of PPP Loans

$6,963

$ –

Forgiveness of YES PPP Loan

$ 916

$ –

The following table reconciles net income, the most comparable GAAP financial measure, to Adjusted EBITDA.

 

EVI Industries, Inc.

 

 

 

 

Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Share-based Compensation (in thousands)

 

 

 

 

 

Unaudited

Unaudited

 

12-Months

Ended

12-Months

Ended

3-Months

Ended

3-Months

Ended

06/30/21

06/30/20

06/30/21

06/30/20

 

 

Net Income (Loss)

$ 8,384

$ 775

$ 6,780

$ (56)

Provision for Income Taxes

1,504

573

1,093

165

Interest Expense

635

1,432

152

234

Depreciation and Amortization

4,596

3,696

1,208

1,004

Amortization of Share-based Compensation

2,437

2,302

603

578

Debt forgiveness

(6,963)

–

(6,963)

–

Adjusted EBITDA

$ 10,593

$ 8,778

$ 2,873

$ 1,925

 

 

 

 

 

 

EVI Industries, Inc.

Henry M. Nahmad, Chairman and CEO – (305) 402-9300

Sloan Bohlen, Investor Relations – [email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Professional Services Retail Other Retail Other Professional Services Other Construction & Property Construction & Property

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